Credit Access Favors Jumbo Loans

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Posted To: MND NewsWire

Credit access hasn’t improved much over the last year unless one is shopping for a jumbo mortgage loan. The Mortgage Bankers Association (MBA) noted an 0.7 percent increase in its Mortgage Credit Availability Index (MCAI) in September, bringing it to 181.4. The increase came from agency jumbo programs that have been phased in over the past few months and continuing updates to conforming loan programs. A decline in the MCAI indicates that lending standards are tightening, while increases are indicative of easing credit. Of the four component indices, the Conforming MCAI and the Conventional MCAI saw the greatest increase in availability over the month (both up 1.5 percent), followed by the Jumbo MCAI (up 1.4 percent) and then the Government MCAI (up 0.2 percent). MBA’s Vice President of Research…(read more)

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